Q3 was a very active quarter with no let-up in buyer demand in July and August, traditionally quieter months. In September there was a notable increase in the supply of properties coming to market which combined with raising interest rates saw price inflation cool. Demand is strongest for properties priced up to €450,000 where first time buyers are most active and for houses in turn-key condition. Our data confirms that the crisis in the Dublin rental market continues to deepen.
Our transactional data showed the following trends:
- Average selling prices were 4% above asking prices, down on Q2 which was +5.2%.
- 68% of our buyers were first time buyers.
- Our average selling price was €638,962 or €640 per sq. ft.
- 49% of our buyers required no mortgage funding, down from 62% in Q2.
- Investor demand remained steady at 28%, up from 25% in Q2.
- Our average rental was €2,616 per month.
- 50% of our tenants are working in the technology sector with an average household salary of €179,442.
- 23% of our tenants were Irish, nearly twice as many as Q2.